RNS No 1221k
NISSHO IWAI INTERNATIONAL FINANCE CAYMAN LIMITED
27 September 1999


RE: NISSHO IWAI
JPY 1,000,000,000 SERIES 158 EMTN
DUE SEPTEMBER 2007
ISIN: XS0080495210

THIS IS TO FORMALLY ADVISE YOU THAT THE RATE FOR THE PERIOD
29SEP99 TO 29MAR00 HAS BEEN SET AT 2.7925 PCT.

THE AMOUNT PAYABLE VALUE 29MAR00 WILL BE
JPY  1,411,764 PER JPY 100,000,000 DENOMINATION.
--------------------------------------------------------------------


IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL:  44 171 508 3857/3855 OR FAX:  44 171 508 3881.


RATEFIX DESK
CITIBANK N.A., LONDON

END

RC PBUPABBGBGMM
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